• 7.5 million people moved in with their family during lockdown
• 2.9 million people headed back to live with their parents
• 91 per cent of those who moved home were able to put money away as a result – saving over £30 billion in the process
• Outbound migration most heavily affected London, with 21 per cent of people leaving the capital (1.6 million)

 

Since the introduction of lockdown measures in the UK last March, almost 7.5 million people (14 per cent) have chosen to move in with family members, reveals new research from Direct Line Life Insurance¹.

Of those who relocated, the overwhelming majority (91 per cent) were able to save money because of the move, setting aside £4,401 on average. However, one in 11 people (nine per cent) were able to save more than £10,000. The total amount of money saved by those who moved home to live with family during the pandemic equated to £32.9 billion.

Although most intended the move to be short-term, almost a quarter (23 per cent) ended up staying longer than anticipated, with 24 per cent appreciating their family’s support and 22 per cent feeling that the move gave them a better quality of life. Further to this, 4.5 million people (60 per cent) have opted to remain there for the time being, with a third (32 per cent) deciding to move back home permanently.

While it may not have been viewed as ideal at the time, the research did highlight a positive outcome from the moves. Over a fifth (21 per cent) of those who relocated to live with family during the pandemic said it made them realise they preferred living there so decided to permanently relocate, with another 18 per cent saying that their mental health was enhanced as a result of the move.

This is particularly important as being lonely, wanting a support system and forming household bubbles (all 23 per cent) were the main reasons for people moving in with family. A good opportunity to spend time with family members (21 per cent) and wanting to be able to ‘help out’ (20 per cent) closely followed.

In terms of where people went, parents’ homes were the most common destination, with 2.9 million people (39 per cent) moving back in with them. This was followed by children (18 per cent), in-laws or a partner’s family (14 per cent) and siblings (11 per cent).

While money wasn’t a big focus for people moving in with family, it did play a role: 18 per cent of those who relocated were put on furlough and 10 per cent had lost their jobs so needed to move home for financial reasons. Further to this, 13 per cent saw it as a good opportunity to stop paying rent and save to buy a property.  

The under 35s were most affected as over two thirds (67 per cent) of those who headed home fell into this age category. Those living in the capital were most likely to flee during the pandemic. Twenty-one per cent (1.6 million) of those who decided to up sticks to live with family were residing in London before Covid-19 hit.

Vincent Guadagnino, Communications Manager at Direct Line Life Insurance, commented: “The past 18 months have seen serious changes in our lives, with many people being left isolated and unable to regularly see friends and family during lockdowns and this has taken a toll on overall mental wellbeing. So it’s understandable that people chose to take action and bubble up with family members to ensure either they, or others, had company and support while navigating this unique time.

“Moving back home with family led to many people saving a significant amount of money and it’s great to see some are now considering and planning to buy a new home or relocate permanently. We’d encourage those in that position to consider their future financial stability and remember to consider life insurance as part of that to provide peace of mind should anything happen.”  

For further information please visit https://www.directline.com/life-cover.

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Notes to Editors

^1.      Omnibus commissioned among 2,000 UK adults between 18^th – 22^nd June 2021

For further information please contact:

Chelsey Wheeler 

Email: [email protected]

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel, pet and life insurance cover direct to customers by phone or on-line.

Direct Line life insurance policies are underwritten by AIG, part of the American International Group UK Limited, registered office: The AIG Building, 58 Fenchurch Street, London EC3M 4AB. American International Group UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN number 781109. You can check the FCA register at www.fca.org.uk/register or call the FCA on 0800 111 6768.

Customers can find out more about Direct Line products or get a quote by calling 0800 077 8297 or visiting www.directline.com/life-cover.